Dogecoin has continued his weekly decline in the last 24 hours, whereby the price campaign will look at less than 0.35 US dollars, at least in the next few days. Bullish sentiment Further refer to DogecoinAnd technical analysis suggests that the Meme coin is still on the right track Reach new all -time highs This cycle.
According to the crypto -analyst @Btcbalo, Dogecoin is still on the social media platform X in the middle of a bullish phase in the Elliott wave cycle, and the final 5th wave has not yet been completed. This means that the Meme coin could see another increase before reaching its climax in the electricity cycle.
Dogecoins Elliott -Wave Structure: Why the 5th wave counts
The Elliott Wave Theory is a widespread technical analysis pattern that identifies five-wave impulse patterns of the price trends, the 5th wave marks the final pressure in an upward trend before a correction phase begins.
Share his findings On the Social Media platform X emphasized @Btcbalo that Dogecoins 5. Wells remains incomplete, which indicates that the price has space for climbing before it enters into a downward correction. His analysis was accompanied by a monthly Candlestick Timeframe diagram, which provided a long-term view of Dogecoin’s price structure. The diagram showed that Doge has followed the Elliott wave pattern since 2017, with each impulse wave unfolding over several years.
Based on this analysis, the 5th wave of Dogecoin probably began at the end of 2023 and marked the beginning of a multi -year bullish phase before a larger correction train takes place. If the wave number applies, Doge can gradually grind higher in 2025 and possibly extend its profits by 2026 until the cycle was completed.
How high can Doge go before the cycle ends?
Elliott wave projections indicate that the 5th wave often exceeds the peak of the 3rd wave, which means that Dogecoin could be added to a new all-time high. Remarkably, the 3rd wave reached the current of the assets of all times of $ 0.7316, which would be the most important overcoming resistance.
While @Btcbalo didn’t do Enter a precise price targetIn the forecasts in the table, the Dotecoin Peak was made about 5 US dollars. After reaching this price target, the Elliott ABC correction phase is expected to begin. In this sense @Btcbalo warned that the bear market After the price of Dogecoin could be serious, warning dealers against excessive greed. His analysis suggests that after its projected 5 doors, the Meme -coin can experience a sharp correction and fall back on 0.20 US dollars if the market entered a bearish phase.
At the time of the letter, Dotecoin deals with $ 0.3265, which reflects a decrease of 0.8% in the last 24 hours and a decrease of 6.4% in the last seven days. If the Projected rally materializes And Dogy reaches the 5 dollar brand, which would be an increase of around 1,430% compared to the current price.
Selected picture of iStock, diagram of tradingview.com